Troubled lender First Republic set to go under FDIC receivership

First Republic to be placed under FDIC receivership soon, according to a source familiar with the matter. The U.S. Federal Deposit Insurance Corporation (FDIC) has concluded that the regional lender’s financial position has significantly worsened, and private sector rescue efforts are no longer viable.

The banking regulator is taking this step to protect depositors and maintain stability in the banking system. The source requested anonymity due to the confidential nature of the matter

This is a developing story. Reuters contributed to this report